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  FOX Business    Markets Now    News/Business.  
   Business news. New.  

    August 12, 2013
    11:00 - 1:01pm EDT  

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we will pass you off to the man himself, connell. connell: thank you very much, charles. we have blackberry stock way of today. companies looking for new alternatives. steve forbes is coming on to tell us about getting rid of that irs. this is interesting. revolutionizing travel. elon musk expected to make an announcement today. nyc to l.a. in 45 minutes. we will explain.
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markets now. ♪ connell: it is good to be with you on markets now. we will get to steve forbes in just a minute. we begin with stocks now. the dow is up a little bit. adam shapiro is on the floor of the new york stock exchange. adam: good morning. the s&p is still in negative territory. apple is up over 2%. just to give you some idea of who is winning and who is losing on the dow, cisco and ibm.
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connell: thank you very much, adam. the irs is still targeting tea party groups. steve forbes says forget about it. let's get rid of the irs altogether. thank you for coming in. >> i think there is a growing consensus. i think we can get rid of it all. people realize it is beyond redemption. given these scandals, why not just start all over. start with a new culture, new tax code.
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connell: the flat tax. you have been talking about it for years. a lot of people support you. they think it is a great idea. it is very difficult in the current system, in washington. >> 30 countries around the world have done it. the only way you do it is by getting a mandate from the people. that is what i think the 2016th election is about. it will be a major issue. connell: we will talk in the next section of our show about how this poll is out. with the current congress in the setup of the current congress, getting them to go for something like this, i do not know if
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counterintuitive is the right word.3 >> if you left washington to their own devices, they would make the code even more complicated. they benefit from the system. the only way you change it is through elections. one thing congress has done -- connell: paul ryan has already been advised presidential nominee. is grand paul a serious
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candidate for president? >> i think it is wide open for 2016. connell: he is not just the type of guy who shakes up the race. >> he will be running to win. i think other candidates will be on the side. yes, i think he definitely will be running. i am an agitator. connell: we love having you on always. thank you very much. mark it is down. we have the date for the new iphone. it will be announced on the tenth of september.
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some reports indicate that there may also be a gold colored option. also a fingerprint sensor for security. there is the stock today. up by 2.5%. blackberry has formed a special committee to explore strategic alternatives. this is elizabeth macdonald bottom line. she joins us now. >> what are the options that the special committee is considering they are talking about joint ventures. the guy to watch here is the gentleman by the name of
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timothy. he has been appointed to blackberry. he is overseeing and running the special committee to pursue the options for blackberry. the thing to watch here is what will be his thinking on what to do with blackberry. it is a big deal for this company. they may want the mobile phone handset business. they would break themselves up.
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what would be the price tag for blackberry? we know that the stock is down. they would take a lot of cash to bring this thing private. they could possibly see a breakup of block very. split into two businesses or more. that is where it stands right now. this is a developing story. connell: even if blackberry becomes, i do not know if joe is the right word, there are components of this business that still has a lot of value. >> yes. it does not seem to have any
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kind of a business model. it needs the business model. back to you. connell: they are taking a break, but should they be? many people believe that congress should not be on vacation right now. elon musk expected to make an announcement. it sounds crazy. we will explain or try to coming up. cracker barrel has a new deal with clint black. stay tuned for that. a look at oil prices today. a little bit of a drop. we will be right back. ♪ [ male announcer] surprise -- you're having triplets.
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commonide effects include skin redness or irritation where applied, increased d blood cell count, headache, diarrhea, vomiting, and increase in psa. ask your doctor about the only underarm low t treatment, axiron. a quarter million tweeters is beare tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together. connell: members of congress are on august recess. many people think they did not
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work hard enough to get their recess. talking a little bit more about this in talking about those initial numbers. >> if you ask the public should congress be paid, you would get pretty similar numbers. i would not necessarily interpret that meaning that they want congress to actively be working during the month of august. connell: he has been talking about this flat tax forever. >> they have to win elections on
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ideas. the republican party right now is sort of out war with itself. connell: we were talking about whether brand paul was a legitimate candidate or not. if you look inside, the numbers show the republicans are more unhappy with congressional republicans than democrats are with congressional democrats. >> to me, that is good news. it says the republican voters are more unhappy. they are not as likely to fall into like step. we have had republicans fighting one another.
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connell: you will be following this very closely. a lot of you people are attracted to the libertarian notion. what type of party do you think emerges? >> it is completely unknown. they did not gain any new members. the status quo does not work anymore. connell: they had their chances.
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good to see you, as always. we do have some positive reviews for linked in. back to adam schapiro. adam: that is right. they hit another 52 week high today. they have been upgraded to a buy. one of the reasons they did that is because there were several unexplained growth opportunities. the stock is up 108%. again, twice they have had 52 week highs this morning. we will see where they go the rest of the day. connell: you will see it right here on the fox business network. traveling from new york to l.a. and 45 minutes. we will show you how coming up.
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a look at the world currencies today. how everyone is shaping up against the dollar. we will be right back. ♪
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>> 21 minutes past the hour. a florida resort collapsed this morning due to a sinkhole. authorities arriving at the building yesterday and heard popping sounds and found windows breaking. jurors are into a fit day of deliberation. 832 counts of indictment accuses him of many things.
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commuters in san francisco still have a way to get to work. those are your news headlines on the fox business network. back to connell. connell: thank you very much. we have a lot more coming up this hour alone. this deal is now garnering attention from smaller shops. diane macedo has more on this. diane: one david in this whole story is apparently celebrating. it does create the world's biggest marketing company. it has competitors wondering what this means for them.
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two companies are not worried. they took out a high-profile billboard right by the space needle. they created this and said they wanted them to know that we are happy for them. hey word added that it is all in good fun. they do have friends at both companies. publicists collectively have 35 billion in market capitalization and 250
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subsidiaries. it is to better compete with companies like google and facebook. it will give them more leverage when buying advertising. the companies have made it very clear that there will be strict firewalls. you have to wonder if those clients really will trust it. connell: what could possibly go wrong. very creative. diane, thank you very much. this new technology that will take you from new york to l.a., elon musk will make an announcement about it shortly. using eminent domain as an answer to a foreclosure problem. this is something making many people angry. we will explain it. first, some winners today in the
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connell: here is what we still have coming for you on "markets now." elon musk will unveil his new travel design. we have been building this up for you. jo ling kent has her report out in colorado. replacing bernanke. it looks like the short list just got a little bit longer.
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the foreclosure problem. quite the controversy with the banks. all of that still to come. new york to l.a. and 45 minutes. let's go to tesla. >> it is pretty incredible. trading down 3.1%. remember in the last quarter, tesla outperformed. they exceeded the number of model s. they are well on their way to delivering more than 21,000 tesla vehicles this year.
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connell: forget about the flying car. elon musk set to unveil the future this afternoon. jo ling can't joins us. >> imagine going from new york to l.a. and 45 minutes. or the east coast to china in two hours. i know that would be a game changer. elon musk has specific interest.
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we have an incredible model here of what it may look like. >> yes. you get a sense of the amount of volume and comfort level. >> why don't we have a seat and check it out. we are sitting in this comfortable seats. >> this capsule, once we get loaded in here, we'll go through and airlock into a tube network and accelerate like a car accelerating onto an on ramp.
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it can be routed automatically through the network. it hosts just like a space capsule in orbit. >> that is so cool. >> the equivalent of a 40 lane freeway. >> that is amazing. we are sitting in this capsule right now. i have road on my fair share of trains and planes and automobiles. how would it actually feel in action? >> once it is coasting, you'll feel like you feel right now. there is no friction in space. the most proven form of travel
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in the universe. we are just bringing this space travel conditions down to earth. >> you and your company has been working on this technology for more than a decade. what does it mean to have someone mike elon musk behind the company? >> it feels great to have someone talk about the tech knowledge he. >> how soon do you think we will be able to travel across the country. >> we think this will be a big boost to the airline industry.
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they will not cross oceans to hawaii, for instance. >> thank you very much. connell, we will take a quick trip to new york. we will see you in about 30 minutes. connell: this would be a great tease and then joe would be sitting next to us when we come back. >> hopefully in a decade or so. connell: very interesting to listen to. next story here, the mayor of richmond, california says she will not waiver. this can be very important to a lot of people. it could take action against the city.
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this could be very important to a lot of people. they want to take away these mortgages that they hold. >> this is for a public good. you have to pay fair value for it. they are afraid they would be getting less than what the homes would currently sell for. bondholders are saying wait a minute, you will use eminent domain to take something from us for less than it is currently worth. that does not seem fair to them.
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connell: you started to explain a minute domain. generally speaking, taking private property for public use. >> exactly. normally it is used to take houses or property buildings. in this case, they are taking intangible properties. they claim that this would serve the public good. >> there is a precedent for that. investors are really upset about
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this. they do not like this plan. they are saying that if the city of richmond moves ahead of this, they will charge borrowers. connell: where are we and all of this? >> if you do not want to voluntarily release sell them to us, then we will use them and eminent domain. it may take a little while for that litigation to play out. we will see what the courts decide. connell: date time
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ramifications, potentially. >> they want to be the first city to do this. it will be interesting to see how far this goes. connell: you could be down in california in 45 minutes. thank you. replacing bernanke. the president facing more talk about this decision. he may be adding names. we will talk about this coming up. we will talk to clint black, the new country music singer.
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the economics of the music business and how things are changing. the companies board is considering a sale as one of the possibilities going forward. blackberry, more on that coming up. we will be right back with more "markets now." ♪ make it happen with the all-new fidety active trader pro. it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you start using active trader pro today.
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♪ >> hello everyone. dole food company has reached a deal. the $13.57 share takeover price tops the author. growing at a slower than expected rate in the second quarter. it is below both of the forecast. pinnacle is announcing it will buy the wishbone salad dressing. that is the latest from the fox business network.
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connell: the big debate has to be larry summers or janet yellen. speculation of a mystery candidate that could really shake things up. you think there really is a mystery candidate? >> i think the white house wants a list of at least four or five names to choose from. he is a very good economist. he has that experience.
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he said ferguson should be the chairman. connell: what do you make of this summers versus yellin stuff? a lot of negative stuff about larry summers. a big-time economic advisor. now, supposedly, everybody hates him. >> a big story talking about these financial services jobs that they have had. what is interesting is you read them all and you say that is not so bad. he is in an advisory role. he refused to lobby.
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this is exactly the kind of experience you want to see. connell: they have never forgiven him during the clinton administration. they would like to see janet yellen. >> how about the fact that he cannot quit wall treet? connell: what will the differences be? will there be real big differences? >> i think that there would. it is truly democratic. everyone has a voice. all positions are group
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decisions. if it were summers, it would not be immediate. it is a very different approach. that is the way he works. i think the president is clearly leading to summers. he has defended him. the fact that even on friday he came out and said we do have a mandate. the feds job is to impose inflation. connell: always good to see you. do you think the economy is all right? >> i think that the economy is still sluggish. i think it is part of the reason you see the stock market stuttering right now.
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there is a 2% growth. connell: we will talk about that the next time you are on. let's take another look at blackberry. talking about the possibility of a sale. pretty good for the stock at least. adam: keep in mind what has happened to blackberry. today, they have 3%. apple had the iphone come out in 2007.
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they are forming a special committee to explore strategic alternatives. some are putting the value at about $10 a share. they are up to date almost about 5%. the stock has been down year to date so dramatically. connell: thank you, adam. the guy headed into our studio is a big-time country music star. clint black will be telling us about how he and cracker barrel partnered up. clint black is coming up. stay tuned for that. before we get to that, but take a look at some of the winners on the nasdaq. ♪ peace of mind is important when you're running a successful business.
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connell: we are back on the market now. cracker barrel has expanded its menu. country music on the menu. teaming up with stars. clint black is here. his album just released by cracker barrel. i said earlier in the show that we talked about the economics of the music business and how things are changing. this album is exclusive to cracker barrel. >> it was a great opportunity
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for me to have a place in a changing distribution structure where i could send fans to buy a cd which is better than a download. connell: right. >> you lose quality as you go down. it gets reduced to, or you know, you get 5% of the amount of data. the computer decides that you do not need all of that that we have put into it and just gives you what it thinks you need. if your ears get tired sooner, it is probably the quality. connell: how has it affected you? you have chose to do this for a
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reason. >> i think the bread and butter for artist has always been the road. if you sell a lot of records, you can make out pretty well. the industry took a hit with the digital age and the filesharing. connell: a lot of artists they they have to be on the road a lot now. >> there are opportunities like cracker barrel. if you do an exclusive deal with them. you know, that works out well. you do not wait five years with a record company. even if you do get accounted to properly, it takes years.ell: w?
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do you look for opportunities to team up with companies? >> it is great to have partners. you have much greater effort. you have a brick and mortar storefront. a place where people can go to get them. my philosophy is changing on this also. i used to have an album mind set. now i am coming around to a singles mindset. connell: a song at a time. >> maybe a song at a time. i love being able to do a cd at a store.
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it is harder and harder to do those kinds of deals. people going in and buying cds has been reduced. they get a lot of returns. cracker barrel, i think it is appealing already to my audience. they know where to go. that is the easiest thing to do. connell: yes. clint black, nice to meet you. good to talk to you about the business and how it is changing. two companies that may be put on death watch by a lot of people. blackberry and jcpenney. cheryl casone is coming up. the cyber threat. new reports. control of our water systems may be subject to hacking.
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cheryl: hello, i'm cheryl casone, and when good news, well, sometimes becomes bad news, the economy shows a lot of signs of improvement, but the dow today down seven points, but we'll take it. there's questions out there about the fed and what they will do. we have a bull/bear debate on that, and, also, where the put the money overseas or right here in the good old us of a. two companies put on death watch, blackberry and jcpenney showing new signs of life. we have analysts joining us on both stories and futures there. getting from new york to los angeles in 45 minutes? science fiction? our jo is live during this hour talking to the company working
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to make it reality. it is the top of the hour, noon eastern time here on "markets now," and, of course, every 15 minutes we head to the floor of the new york stock exchange, and adam, what are you watching today? >> well, quite a bit, obviously, blackberry in the headlines with the special committee, but i want to talk about the winners op the dow right now. caterpillar leading the dow, well, not up, down at this point, sideways, actually, all morning, cisco, ibm, winners on the dow. ibm, last week, people said ibm would be down, possibly as low as $175 a share. that was one analyst's call. losers today, disney, exxon mobile, chevron, but volume is light. any lighter, it needs sun block. back to you cheryl: yes, certainly. this is august. we're not getting volatility, and that's nice to see. see you in 14 minutes. >> yep. >> well, markets, that means, you know, the u.s. is making a
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comeback. the markets include japan, europe, and, of course us leading the way for the first time since 2007 in contributions for global growth versus emerging markets. a lot of people made a lot of money. the ceo is with me and fox business' charles payne, and, you know, it's interesting because charles is bullish, but, dan, you've been a real bear. >> yeah. cheryl: always looking at the technical analysis saying big sell off is coming, but there's research saying the u.s. is on a resurgence. >> well, you know, it all depends on what level you are looking at of the growth. when you buy a house, goes to a million dollars, it's up 50 mg. cheryl: happened to a lot of people. >> a million one, 10%, and, oh, we're exciting about it. it doesn't make sense. look at the levels relative to where we were before as to where we are now. we are not growing. the money, jobs not growing, worse than they tell us.
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i absolutely believe that because if you lose workers -- i mean, workers lose wages and hours replaced with people, you're at a net negative. cheryl: obviously, we know, charles from the jobs report weeks ago there's low paying service sector jobs we're seeing, but what we're seeing in the data is japan is growing, europe is out of recession, the u.s. is growing 2.4%, i guess we'll take it, but is that a stock positive to you? >> it is in a sense that a lot of what happens in the market is related to expectations, you know, europe, in particular. there's interesting things, you know, and one day alone last week, i saw burger king did well because of europe, cog cognizand well, and kors did well because of europe. there's a retailer, hamburger seller, and a technology company. from an investment point of view, you move into the areas faster before the turn actually happens in the fundamentals there because a lot of times the
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traditional role of the market is a harbor of things to come. be in there. cheryl: you're bullish, charles, you really are saying buy the stock, buy the stock, buy the stock. they are u.s.-based companies with huge overseas corporations, look at mcdonalds, caterpillar, same story. changing your tune on me? >> i'm not. kors, burger king, and cog any cant, american companies, maybe we can say an i understand yand company, but it's the same weight. own american companies with giant tent kls positioned to take advantage of rebounds in the rest of the world because i think the difference -- because i agree with dan, the american economy is in shambles, which is why the average person watching the show can't reconcile the market rally. looking out their window and know their own life experience, but that's entirely different that the rest of the world is absolutely on fire and companies are taking advantage of it. cheryl: dan, you agree with that?
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>> a couple comments here. ibm told us their hardware business is not doing well. they furloughed people. when have you heard that? that's a global company. if you take the stock, and if you take the stock market out of this picture, which ben bernanke keeps thinking that this is what's making everything look good, take the stock market out of all the indicators of gdp, employment, unemployment, velocity of money, housing starts, deflation their pricing in corn and sugar, and, you know, the softs, what are we really having in this economy? we are -- cheryl: the u.s. economy? >> the u.s. economy. we are limping along at what i consider a very low level, and people change the way they think. cheryl: but, dan, 24 new records for the dow this year, 24. >> listen, give me $3 trillion, i'll do the same thing, you know, i'll pump it into the banking system, which i think has major issues issue and i'll pump that into the target saying, hey, i'm doing a great
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job, the money is up, but your housing's not, no jobs out of college. it's very, very difficult. worst i've seen. cheryl: a long-term negative in his mind, a long-term bear negative. >> i happen to think the great education risk to the stock market rally is the u.s. economy, and in that instance, i agree with dan. it's tough to bump along, which is contactually what we are doing, and we're not living near the potential, could be the economic reality. we'll know after midterm elections, but the best from the u.s. economy, considering the regulations, taxes, head butting in dc is bumping along, but we can't, you know, guys, we can't discount the dna of america. this earnings season, i pointed out literally a dozen companies formed 20 years or younger, noodles, ipo this year, amazing company, guy was a coo over at vineolte, starts a franchise, have you seen the lines for shake shack? cheryl: i hate them, every
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weekend, yes. >> the point is there's ingenuity in the dna in the country, and entrepreneurship is lower than it should be, that keeps us going, you know, i believe america's the weakest part of the rally. i don't disagree with that, but to discount the idea that all of us, you know, the country falls into the ocean is a mistake. cheryl: leaving it there with you two, but interesting you are -- i know you are cautious, this is a new charles payne. >> i'm not cautious -- cheryl: just met for the first time, i think. >> i'm excited, always worried about the men economy -- american economy. cheryl: charles, dan, thank you very much. a canadian company, blackberry, look at the stock now. it's gotten a huge pop today on word the company is exploring what the board calls, quote, all options, and that could include an outright sale of the company, take the stock up 4% this morning. bringing in the principle
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analyst, rob, these comments coming, stock up 52cents. rob, shares of blackerer by, but why would a company come out and publicly say we're exploring options if they didn't already have a bitter in the can? that shows me they don't have anybody lined up to come to the rescue, rob. >> well, yeah, it does -- it would indicate that, though i think there's been enough news in the market that several companies have been kicking the tires around blackberry. up until now, the board resisted offers. i don't think anyonements a hostile takeover because you'd never retain the people. this announces back out to the world they will take offers or looking at alternatives, and they need to do that. cheryl: the stock is down 40% from january highs. this is not the company -- they still have over $5 billion market cap, and my question is, who besides maybe microsoft, could come along wanting to pay more than $5 million for outright purchase of this company? >> well, there's a lot of companies in asia that want to
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enter the u.s. and european markets much more solidly than they have, especially in phones. they got the cash to make the acquisition. who way, also out of china, could come in. most of the chinese mobile companies have not exited china, and blackberry gives them a forte into a variety of markets. cheryl: two-thirds of the orders -- interesting you bring up asian companies, two-thirds of the orders are from emerging markets. we had a discussion prior to you, rob, that emerging economies were slowing down, and the u.s. economy is the hero here. that's a death note for blackberry. >> well, not necessarily. there's selling in the markets because their phones target company, and in those markets, people don't buy smart phones, companies do, and they are the only company positioned in the emerging markets to sell to the companies buying phones, so i wouldn't count them out, and i wouldn't tie them to that
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particular trend because they are path to market is different than the other players. cheryl: they want to square away back berry ten, putting bandwidth into the pr message, and we are listening to it, but at the same time, isn't the enterprise side of the business with true value, not $5 billion in value, but some value? >> well, that's where they maintain strength. it's that ability to sell the companies, and companies buy phones as are governments, and blackberry is the most secure platform in market, and security is a buzz word here. i wouldn't necessarily count them out, but remember, the folk market is defined by byod, bring your own device, and they have not captured the imagination of consumer, and you need that to have the growth you want. recognize, apple's having issues right now too. most of the android players, other than samsung, are having issues. it's a tough market on the consumer side. cheryl: saturated market. thank you, rob, for joining us. we'll continue to watch the stock throughout the day today.
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thanks, rob. >> you're welcome. cheryl: the cyber threat, there are new reports that control of our water systems may be open to russian and chinese hackers. we're going to go behind the headlines, and also the latest crop report just coming out at the top of the hour, jeff flock is at the top with a farmer in illinois who is watching closely. jeff? >> and tell ya, cheryl, i'm in a corn field thaa looks good, bullish for prices that crop report, the latest details on that, but introducing you to a farmer who says the crop report numbers are not worth the paper they are printed on. you'll meet him in a moment. look at the corn. we'll show you why he feels that way when we come back. stand by. ♪ ♪
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freak you out. caterpillar, leading the dow as you can see here, 85 the is last trade, eight points to the positive on the dow, fortunately, not enough to justify set chevron or cbx. down a buck-36 taking ten points off, it's a push-pull today on markets, but overall, we have a dow down only 18 appointments, and i say this because sometimes summer is volatile, and adam knows that well. he's on the floor of the new york stock exchange. what are you watching right now, adam? >> i want to talk about apple because there was the discussion, all things d, talking about the announcement september 10th, and what everybody expects is the new version of this, the iphone 5, 5s perhaps. they are trading up over 2% today, $465 a share on this news we're finally going to get not just the new operating system, ios7, but getting the new greatest and latest from apple, the iphone. that new operating system, see
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that, cheryl? looks like a jaguar convertible operating system to me. that would be hot. what do you think? cheryl: you'd love it more than anyone else i know. >> a lot. cheryl: forget the lion, call it the jaguar. adam with many thoughts from the new york stock exchanges. breaking news, the government just releasing an important crop report sending futures higher. phil flynn is standing buy at price futures group at the cme following the trading action, and jeff flock on a farm in cambridge, illinois. jeff, to you, do you have the numbers? >> yeah, we have the number, and it's bullish for corn. this is something that's o curve ball that came at us, they cut the estimated yields from, i think, 156 bushels an acre to 154 bushels an ache l, and the price right now is jumping, jumped 3%. i'm with clayton, this is based on the world agricultural supply
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and demand estimates. look at the corn. clayton, you say that these estimates are not worth some of the, you know, the paper they are printed on. look at ne field of yours. usda calculated that you planted 105 # acres. you actually have your gps giving you precise calculation. you said less than a hundred acres? >> yes, actually about 6.5% more acren than what i planted on the gp certification on the tractor. >> saying there's more than there is? >> exactly. a lot of farmers have the capability that probably don't match it precisely to the fsa records. >> how come the government is not using this data that you have on the gps, which is perfectly accurate? >> they use their own software, own numbers, basically. >> real quick, your corn, look at this, quick. this is one you plucked already, and can you peel it back for us on air here? this is one of the reasons this
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price move. this is not well-developed. that's a little better. >> corn is further behind this year. we had a later planting because of the wet weather, and this corn's got a long ways to go to make a crop. >> one of the reasons the government estimate, although clayton says the government estimates are shaky, this is one of the reasons prices are jumping now. they brought the yield estimates down, maybe this harvest won't be as big as we thought. back to you, cheryl. cheryl: corn is sitting near a three-year low, a lot coming off the forecast talking about the midwest. bring in phil flynn at the cme to look further at the numbers now, and, phil, what do you think there as far as -- i'm seeing wheat, corn, and soy bones jumping up. >> they are all jumping up, and i agree with jeff. the big thing about the corn was the yield. the usda got into fields for the report lowering the estimate. people believe down in the trading pits it's going to happen again. that's why corn is up.
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what's disturbing in the number is the soybean number meaning big as well. not only are the carryover for beans at a might nine-year low,t they were planted late, and according to the usda, when you look at the crop report, you know, despite the fact that we're going to produce 8% more than a year ago, we missed traders' expectations by about 2 # #%. what does that mean for beans? beans right now are flying, up over 40 cents in the good croppings, and they pulled back, only up 33 now, pulling up after the initial surge, but that's very, very bullish. beans could be very, very dangerous because the later they planted beans, they are susceptible to early frost. with the lower carryover, we get an early frost, beans could explode. cheryl: all right, phil flynn, thanks to jeff flock standing by with the numbers. gentlemen, what a report we got today. appreciate. well, new york to los angeles in 45 minutes, it sounds like
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something out of a science fiction novel, but jo is live coming up next and a company working to make that a reality. dramatic video of a sink hole swallowing a florida hotel. you got to see that. we'll show you coming up in the fox news minute. going to break, though, look at the world's currencies, how they fair against the u.s. dollar, and the dollar is certainly something to watch this week. we'll be right back. ♪ my mantra? always go the extra mile. to treat my low testosterone, i did my research. my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18
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>> at 24 minutes past the hour, i'm lauren green with your fox news minute. a federal judge appointed a monitor to oversee changes to the new york police department's stop and frisk policy. the judge says police deliberately violated civil rights of tens of thousands of new yorkers, and the ruling was in a case of four men saying they were targeted because of their race. attorney general eric holder will take on overcrowding in prisons today making a speech calling for major changes including a scaling back of long prison sentences for nonviolent drug-related crimes. part of a florida resort collapsed this morning due to a sink hole. the summer bay resort located ten miles west of dis nid world
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in central florida. they heard popping sounds and windows breaking. another section of the resort is also sinking. those are your news headlines on the fox business network. i'm lauren green, back to you, cheryl. cheryl: a drag, lauren, for vacation if your hotel goes down. >> a let down. cheryl: not good. lauren, thank you very much. well, get ready, everyone, because we are gearing up here for round two of our showdowns. scott martin duked it out with david trainer friday for stock picks, and scott took the win. he was not here, but heard it was awesome. david's not only out of the competition, but bet scouted if he loss, he would sing "loser" at bluebird cafe. we'll show you that when it happens bringing us to the semifinal round, let the fox business all-star showdown begin this friday. we'll kick it off with eight stock pickers, down to the four all-stars who still got oliver
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porsche, jim, robert luna, scott martin, and now robert and scott will be back this friday battling it out for brand new stock picks. don't miss the stock business all-star showdown friday noon eastern only right here on the fox business network. well, you got the dow down 16 points right now, and we're also following one of the story stocks, jcpenney. the board firing back against leading shareholder bill akman. an analyst is coming up who likes the stock. the cyber threat, control of our water systems and industries targeted by russian and chinese hackers. we'll discuss that and what it could potentially mean to you coming up. ♪ when we made our commitment to the gulf, bp had two big goals:
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help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and w're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger.
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>> the cyber threat. a judge orders a cooling off period in those negotiations. it is time for stocks now. let's bring back in adam shapiro. take a look. caterpillar is trading up today. they are down about 4%. i got a really nasty downgrade.
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today they are up just a bit. up about a buck. >> well said. they are calling it space travel on it could revolutionize the way we move around the globe. jo ling kent has a exclusive look. >> that is right. a big announcement coming this afternoon. think about traveling from new york to l.a. and 45 minutes. it is an incredible proposition.
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we have a fox business exclusive with two of the companies. this is an a capsule. we are here with the owner of ability. thank you for joining us. what is going on? >> we are taking dry fiberglass and running it through a resin bath. it would be a much larger endeavor. the tooling would be different.
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it is all about movement. the carbon fiber is five times stronger than steel. it is also five times lighter than steel. it has amazing technology that will allow them to move this. >> this is something where you are sort of looking towards the future. when you started developing the idea of creating this capsule, what did you think. >> when i first heard it, i thought it was the craziest
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thing. then you start thinking about all of the people who have done innovation. now we have the opportunity to be on the ground floor with perhaps the next, the future of transportation. >> a fox business exclusive. thank you so much for joining us. maybe i will travel back and a half an hour. >> we will have a late lunch. boardroom brawl at jcpenney. drama over leaked documents. bill akerman heating up. despite the circus at the top, the stock is down. joining me now is rick snyder.
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>> i do not think they will run out of money. cheryl: he is calling for new leadership. he has been very vocal to his other board members. they did not like that very much. he did not do anything illegal. does he have a point to? >> the sooner that is done, the better. rushing that decision could be a big mistake. cheryl: do you think going public will be a distraction for the company? >> i think it is already needed.
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cheryl: one of the things we have seen -- they have to plan out 818 months. >> i speak to suppliers. they are not getting nervous yet. in order to sell things, having inventory to sell is important to the recovery of this company.
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>> i think it was a report that was taken way out of context. cheryl: the holidays are right around the corner. will they be ready in time? >> i think that they are ready now. the stores look good. i think they are ready. cheryl: we are waiting on the decision from the judge that is on vacation.
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>> jcpenney would be allowed to sell under their private label. the judge has to decide whether that infringes or not. my best guess would be that they would sell some of the martha stewart under the private label. cheryl: thank you very much. relieved commuters this monday. on track for at least the next 60 days. i will update you and the west coast minute. we will take a look at the latest cyber threat. as we go to break, taking a look at the ten year treasury. ♪ if you've got it, you know how hard it can be tbreathe
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and man, you know how that feels. copd includes emphysema and chronic bronchitis. spiriva is a once-daily inhaled copd maintenance treatment that helps open my obstructed airways for a full 24 hours. you know, spiriva helps me breathe easier. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you take, even eye drops. stop taking spiriva and seek immediate medical help if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain, or problems passing urine. other de effects include dry mouth and constipation. nothing can reverse copd. spiriva helps me breathe better. does breathing with copd weigh you down? don't wait to ask your doctor about spiriva.
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(announcer) scottrade knows our andnvest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trad like everybody. i trade like me. i'm with scottrade. (announcer) scottrade. voted "best investment services company." ♪ >> i am tracy byrnes with your fox business brief. campbell's in talks with sales of its european business. japan's economy grew at a slower than expected 2.6% rate in the second quarter.
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pinnacle foods is announcing it will fight the wishbone salad dressing. they went public in march and is home to birdseye. that is the latest from the fox business network. giving you the power to prosper. ♪
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cheryl: edward snowden is added again. the nation that just granted the fugitive asylum. the allegation was leaked to the guardian. the cyber threat to our water
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supply baiting hackers. joining me now is the author of that report. explain to me what you did here. you call these honeypots. these are fake water devices. primarily, the attackers were russia and china. it was not just based on one type of concepts. >> you broke it up into critical and noncritical. a critical threat is someone trying to disrupt the water.
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that would be the example of a critical threat. who is trying to do that? >> we were seeing 50% of the attacks going and sourcing from china. cheryl: did it surprise you at all? >> absolutely. cheryl: what are the russians trying to do here? why? >> the reasons the russians were actually doing this is multi fold. for what reasons, we cannot
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necessarily establish. the actual water temperature in one case would be modified. it could be modified by the attackers in this case. >> that could cause destruction and a u.s. city. cheryl: were there any other countries that you were surprised to see? >> absolutely. some attacks were originating in the united states. it was surprising from the standard of we typically do not see that against honeypots. cheryl: honeypots, not just for breakfast anymore.
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thank you. time for stocks now. we have our good friend ben willis. low volume. what do you do on weeks like this? >> you watch fox business a lot. the major industries, the future markets sold off because of the again and the affects of the negative news. it seems to be a very positive story out of china. we re-created this u-shaped where there is a retail investor, if you will, put money back in and bought the dip.
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cheryl: we are seeing growth in the u.s. a lot are protecting themselves over the last few years by emerging markets. >> i think it was a historical. i think it was a little late to the game. money has left the emerging markets. it was in the mutual fund industry. they highlighted the affect of what we have already seen. that trait has already taken place. cheryl: thank you. >> thank you.
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cheryl: time for your west coast minute. bart trains are running. superior court judge says any strike would disrupt services and would be a danger to the public's health, safety and welfare. a huge influx of california residents looking to escape the golden state's recent prop tax hike. realtors say high net worth individuals are coming over and telling them it was the last straw. westlake village, california,
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dole foods going private. that was announced this morning. shareholders will receive 1350 per share. take a look at dole shares right now. the stock is up 5%. that is your west coast minute. we have elizabeth mcdonald's bottom line coming up. ♪ and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. use. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together.
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cheryl: we are getting some breaking news into fox business. bernanke has been asked to provide a deposition involving hank greenberg. charlie gasparino joining us now
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charlie: he has asked the judge to delay the deposition. bernanke has asked for a delay. here is what i know. theedeposition was scheduled for friday. we cannot get a clear answer out of the fed. we cannot get a clear answer out of the judge. they usually grant these things. it is on the judges calendar. it has been delayed. getting word that it has been delayed is impossible.
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i will give you 99.9% certainty. here is the kind of interesting thing about this. why is he delaying it? the president and the congress, the president can get a new fed chairman. they are spending eight hours of proving him over the locality. it was very controversial. some people say it is a good thing. greenberg says it was illegal. they could have gone to other measures.
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the case, there will be a deposition at some point. the question is when. the fact that it has not been scheduled. the rubber stamp, we do not have. cheryl: this is bernanke. charlie: right. he will be deposed at some point. what are the chances of that? you cannot not do it at all. the question is, does he do it as fed chairman?
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does he get in into room one? bernanke is not happy. it is not on the judges calendar. >> exclusive reporting. thank you very much for joining us. we will take a quick rate. a couple things are coming. crossing a continent and 45 minutes. elon musk wants to revolutionize transportation once again. shoulder pads.
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